To learn all the facts about significant events, such as mergers and acquisitions, or capital raising, you’ll have to sort through tens thousands of highly confidential documents. In the past, physical files were the only option to access all the information needed.

Modern datarooms for due diligence enable interested parties to work in tandem on files without compromising security, or exposing sensitive information accidentally. How can you determine which providers are worth the cost by comparing them? The first step is to look for a mix of basic and advanced tools. Look for a user-friendly interface that encourages collaboration and keeps everybody on track, and look for smart tools such as personally-identifiable watermarks, a unique document tracking mechanism perfect for M&A due diligence processes, and a full audit trail of all file activity.

Another feature worth looking for is the capability to customize access rights for different groups of users. This lets you assign print, read and download rights to specific stakeholders within the project. This will ensure that the sensitive documents are safe from malicious external activity or internal mistakes. This can also prevent accidental uninvited exposure.

The most effective online data rooms can also provide complete reports of each file activities within your project. This includes who has viewed which files when they were open, who did what actions on which files and the number of times certain files have been printed or downloaded. This information can provide you with a more clear picture of how your due diligence data rooms are utilized and how to optimize their use for future projects.

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